South Africa’s PIC Wants World Cup Stadium Builders Punished

July 17 (Bloomberg) -- South Africa’s Public Investment
Corp., the continent’s biggest fund manager, said it wants
company officials punished who allegedly colluded to set prices
in the building of World Cup stadiums.

PIC, which manages more than 1 trillion rand ($101 billion)
of mostly government workers’ pensions, wants “serious
penalties” for individuals at builders who received bonuses for
activities that were allegedly unlawful, Chief Investment
Officer Dan Matjila said by phone today. South Africa’s
competition tribunal is meeting today and tomorrow to decide
whether to approve a 1.5 billion rand fine agreed between 15
construction companies and the antitrust authority.

“We would like to see them at least get punished somehow
and for that we expect the boards to take the lead in assisting
us,” he said. “We are investors. We look up to the board to
run the company on our behalf.”

Grinaker-LTA, Wilson Bayly Holmes-Ovcon Ltd., Murray &
Roberts Holdings Ltd., Group Five Ltd., Concor, Basil Read
Holdings Ltd. and Stefanutti Stocks Holdings Ltd. met twice
during or about 2006 and agreed to exchange cover prices,
allocate tenders and aim for a 17.5 percent margin in building
six World Cup stadiums, the Competition Commission said in
documents published on its website.